Home >News Updates >Financial News >Foreign Exchange
U.S. Dollar Rises amid Fall of Sterling

The U.S. dollar increased on Wednesday amid the decline of British pound, as investors remained cautious about a potential path for Brexit.

The dollar index, which measures the greenback against six major peers, increased 0.12 percent at 98.3038 in late trading.

In late New York trading, the euro decreased to 1.1085 dollars from 1.1096 dollars in the previous session, and the British pound fell to 1.2123 dollars from 1.2165 U.S. dollars in the previous session. The Australian dollar increased to 0.6781 dollar from 0.6775 dollar.

The U.S. dollar bought 106.60 Japanese yen, higher than 106.27 Japanese yen of the previous session. The U.S. dollar increased to 0.9824 Swiss franc from 0.9782 Swiss franc, and it fell to 1.3291 Canadian dollars from 1.3316 Canadian dollars.

German Chancellor Angela Merkel and visiting British Prime Minister Boris Johnson on Wednesday reiterated the Brexit with a deal, but were different in approaches.

At a joint press conference before their meeting, Johnson said he believed the so-called backstop, an arrangement in the withdrawal deal designed to avoid a hard border on the island of Ireland, had "grave, grave defects" and that it therefore "plainly has to go."

Merkel said the backstop was intended only as a transitional rule for the not finally resolved Ireland issue. So far, it has been assumed that a final solution will be found in the next two years.

In his first trip abroad since assuming office, Johnson called again for re-negotiations for the Brexit agreement between Britain and the European Union (EU) in order to avoid Britain leaving the bloc without a deal on Oct. 31.

The EU, Merkel and French President Emmanuel Macron have repeatedly rejected to renegotiate the Brexit deal with London. The Brexit deal made under Johnson's predecessor Theresa May was rejected three times by the British Parliament.

(www.chinaview.cn 2019-08-22)